Private lender ICICI Bank has revised its interest rates on fixed deposits (FDs) with effect from November 20.
ICICI Bank provides 16 maturity options to its customers for fixed deposits up to Rs. 2 crore, with lock-in period ranging from 7 days to 10 years.
According to the latest revision, ICICI Bank tax-saver FD (max up to Rs 1.50 lakh) will now fetch 6.60% interest to general citizens and 7.10% interest to senior citizens.
ICICI Bank continues to give 50 basis points (bps) higher interest rate to its senior citizens. After the latest revision, the interest rate for senior citizens ranges from 4.50% to 7.10% on FDs maturing in 7 days to 10 years, as compared to the general public. Senior citizen rates are applicable only for a domestic term deposit, as per the lender's website.
Further, minimum tenure for NRE term deposits, a term deposit account held to transfer foreign earning, is of 1 year and no interest will be payable for deposits prematurely withdrawn within the period of 1 year from the date of deposit.
ICICI Bank offers the following interest rates on fixed deposits up to Rs 2 crore for :
Other banks that have also revised interest on FDs this month are namely State Bank of India (SBI), HDFC Bank, Axis Bank, Punjab National Bank (PNB), Bank of Baroda (BoB), Kotak Mahindra Bank and Canara Bank. The apex bank Reserve Bank of India (RBI) has overall cut the repo rate 5 times so far this year, taking the total reduction by 135 basis points.